Prices of New Homes Increase in Augusta, Sales Decline According to Freshest Data
Posted on: Dec 06, 2013 07:03:32 AM
In the Augusta, GA market, closings of new homes dropped year-over-year in September, and there were signs the market may be weakening with a percentage drop steeper than August 2013. There was a 18.4% decline in new home closings from a year earlier. This came on the heels of a 15.0% fall year-over-year in August.
A total of 1,642 new homes were sold during the 12 months that ended in September, down from 1,667 for the year that ended in August.
New home closings made up 15.5% of overall housing closings. This is down from the a year earlier when new home closings accounted for 20.2% of total closings. Following a year-over-year increase in August, closings of new and existing homes also increased year-over-year in September.
Pricing and Mortgage Trends
The average price of new homes grew year-over-year in September to $217,342 per unit, a rise of 1.7%. This hike is smaller than the 5.4% gain in August year-over-year.
For newly sold homes, average mortgage size moved from $202,335 in September 2012 to $203,846 in September 2013. In August 2013, average mortgage size on newly sold homes saw a 5.8% hike year-over-year from a year earlier.